Ex-CQS Manager Lumsden Begins Fundraising

May 6 2014 | 1:48pm ET

The new hedge fund helmed by former CQS asset-backed securities chief Alistair Lumsden is taking on clients.

East Lodge Capital Partners ran its Credit Opportunities Fund with internal capital for a month prior to opening it to outside investors on May 1. The firm expects to reach its $250 million fundraising target within three months.

Credit Opportunities returned 4.27% last month. The fund focuses on European and U.S. credit, especially corporate bonds and structured debt.

Lumsden’s CQS ABS Fund posted annualized returns of 28% during the six years before his departure in 2012.

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